WASHINGTON -- WASHINGTON (AP) — President Barack Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market.

The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission on Tuesday. For the past three years, Massad has overseen the Troubled Asset Relief Program, the bank rescue plan known as TARP.

Obama is expected to use Massad's nominating ceremony to call on Congress to fully fund the CFTC, one of the smallest and most thinly funded U.S. agencies. Obama's 2010 financial overhaul law gave the agency the task of laying down rules for oversight of derivatives, the complex instruments traded in a $700 trillion worldwide market that has been unregulated.

The agency has now completed 43 of the 60 rules it was charged with putting into motion under the overhaul law. That compares with 35 final rules out of 95 for the Securities and Exchange Commission and a total 43 final rules of 135 for the federal bank regulators: the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

For the CFTC, some of the thorniest and most critical rules are among those that remain. They include the so-called Volcker Rule, which would prohibit banks from trading for their own profit. Its latest version includes an exemption for banks to make such trades when they are used to offset other risks taken. Adoption of the rule has been delayed largely because of Wall Street banks' objections and the need to get a handful of federal agencies, including the CFTC, to agree on its final form.

If confirmed by the Senate, Massad would succeed Gary Gensler, whose term ends in January.

Under Gensler, the CFTC wrote new rules to bring derivatives under government supervision for the first time. The complex investments, traded in a secretive, $700 trillion global market, were blamed as the accelerant on the fire that ignited the 2008 financial crisis.

The value of derivatives is based on a commodity or security, such as oil, interest rates or currencies. They are often used to protect businesses that produce or use the commodities, such as farmers or airlines, against future price fluctuations. But they also are used by financial firms to make speculative bets.

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  • Timothy Geithner

    Served from: Jan. 26, 2009 to present Served under: President Barack Obama

  • Henry Paulson Jr.

    Served from: July 10, 2006 - Jan. 20, 2009 Served under: President George W. Bush

  • John Snow

    Served from: Feb. 3, 2003 to June 29, 2006 Served under: President George W. Bush

  • Paul O'Neill

    Served from: Jan. 30, 2001 to Dec. 31, 2002 Served under: President George W. Bush

  • Lawrence Summers

    Served from: July 2, 1999 to Jan. 20, 2001 Served under: President Bill Clinton

  • Robert Rubin

    Served from: Jan. 10, 1995 to July 2, 1999 Served under: President Bill Clinton

  • Lloyd Bentsen

    Served from: Jan. 22, 1993 to Dec. 22, 1994 Served under: President Bill Clinton

  • Nicholas Brady

    Served from: Sept. 16, 1988 to Jan. 17, 1993 Served under: Presidents Ronald Reagan and George H.W. Bush

  • James Baker

    Served from: Feb. 3, 1985 to Aug. 17, 1988 Served under: President Ronald Reagan

  • Donald Regan

    Served from: Jan. 22, 1981 to Feb. 2, 1985 Served under: President Ronald Reagan

  • G. William Miller

    Served from: Aug. 6, 1979 to Jan. 20, 1981 Served under: President Jimmy Carter

  • W. Michael Blumenthal

    Served from: Jan. 23, 1977 to Aug. 4, 1979 Served under: President Jimmy Carter

  • William Simon (left)

    Served from: May 8, 1974 to Jan. 20, 1977 Served under: Presidents Richard Nixon and Gerald Ford

  • George P. Shultz

    Served from: June 12, 1972 to May 8, 1974 Served under: President Richard Nixon

  • John Connally (left)

    Served from: Feb. 11, 1971 to June 12, 1972 Served under: President Richard Nixon

  • David Kennedy

    Served from: Jan. 22, 1969 to Feb. 11, 1971 Served under: President Richard Nixon

  • Joseph Barr

    Served from: Dec. 21, 1968 to Jan. 20, 1969 Served under: President Lyndon B. Johnson

  • Henry Fowler

    Served from: April 1, 1965 to Dec. 20, 1968 Served under: President Lyndon B. Johnson

  • C. Douglas Dillon

    Served from: Jan. 21, 1961 to April 1, 1965 Served under: Presidents John F. Kennedy and Lyndon B. Johnson

  • Robert Anderson (right)

    Served from: July 29, 1957 to Jan. 20, 1961 Served under: President Dwight D. Eisenhower

  • George Humphrey

    Served from: Jan. 21, 1953 to July 29, 1957 Served under: President Dwight D. Eisenhower

  • John Snyder (right)

    Served from: June 25, 1946 to Jan. 20, 1953 Served under: President Harry S. Truman

  • Fred Vinson (center)

    Served from: July 23, 1945 to June 23, 1946 Served under: President Harry S. Truman

  • Henry Morgenthau Jr.

    Served from: Jan. 1, 1934 to July 22, 1945 Served under: Presidents Franklin D. Roosevelt and Harry S. Truman

  • William Woodin (left)

    Served from: March 4, 1933 to Dec. 31, 1933 Served under: President Franklin D. Roosevelt

  • Ogden Mills (right)

    Served from: Feb. 13, 1932 to March 3, 1933 Served under: President Herbert Hoover

  • Andrew W. Mellon (left)

    Served from: March 4, 1921 to Feb. 12, 1932 Served under: Presidents Warren G. Harding, Calvin Coolidge and Herbert Hoover